Verjill Borrowed Money At 12% Interest For 2 Years. If He Paid Php 2721.60 Interest, How Much Did Verjill Borrowed?

Verjill borrowed money at 12% interest for 2 years. If he paid php 2721.60 interest, how much did Verjill borrowed?

 

Answer:

The principal or the amount Verjill borrowed was Php11,340.00.

Step-by-step explanation:

Given:

Interest amount: 2,721.60

Interest rate: 12% or 0.12

Time: 2 years

Principal: Unknown

Formula:

Interest = Principal × Rate × Time

or

I = PRT

2,721.60 = P(0.12)(2)

P = 2,721.60/(0.12)(2)

P = 2,721.60/0.24

P = 11,340.00

The principal or the amount Verjill borrowed was Php11,340.00.


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